Russia’s Novatek extends share buyback program

May 28, 2014

The Management Board of Novatek approved the extension of the share buyback program until 7 June, 2015, keeping all the terms of the program unchanged, Novatek’s press office said on May 27.

According to Novatek’s Chairman of the Management Board, Leonid V. Mikhelson, “We are successfully implementing our main strategic projects allowing us to significantly improve NOVATEK’s operational as well as financial metrics. The extension of the share buyback program reflects our confidence in the Company’s considerable development potential.”

On 7 June, 2012 the Company’s Board of Directors approved a one-year buyback program in respect of ordinary shares of Novatek and/or Global Depositary Receipts representing Shares (each GDR representing 10 Shares) in the aggregate amount of up to 600 million US dollars.

Source: Novatek Press Office, 2014